Developers Diversified names interim CFO

January 26, 2010

Beachwood, Ohio Developers Diversified Realty Corp. announced late Tuesday that it has named David J. Oakes as interim CFO of the company, replacing William H. Schafer who is departing effective Feb. 15.

According to the company, a search for a permanent replacement is ongoing. Schafer’s departure is not related to Developers Diversified’s financial or operating results, nor to any disagreements or concerns regarding the company's financial or reporting practices, according to president and CEO Daniel B. Hurwitz.

Oakes will serve as interim CFO in addition to his regular duties as senior executive VP finance and CIO. He has been with the company since 2007 and has served in increasing roles of responsibility.

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